EbixCash World Money Becomes the First AD-II Licensed Entity to Receive In-Principle PSP Approval at GIFT IFSC

EbixCash World Money, a flagship subsidiary of Eraaya Lifespaces limited and a leading player in international payments, foreign exchange, and remittance solutions, today announced that Buyforex, its wholly owned subsidiary, has received in-principle approval for Payment Service Provider (PSP) authorization at GIFT IFSC, making it the first Authorised Dealer Category-II (AD-II) group entity to achieve this milestone.

EbixCash World Money Milestone
- Subsidiary Involved: Buyforex, wholly owned by EbixCash World Money.
- Approval Granted By: International Financial Services Centres Authority (IFSCA).
- Achievement: First Authorised Dealer Category-II (AD-II) licensed entity to receive in-principle Payment Service Provider (PSP) authorization at GIFT IFSC.

Scope of Authorization
Buyforex is now permitted to undertake four key regulated payment services:
- Account issuance
- E-money issuance
- Merchant acquisition
- Cross-border fund transfers

Strategic Impact
- Strengthens EbixCash’s regulated payments footprint.
- Supports India’s ambition to position GIFT IFSC as a global hub for cross-border payments and financial services.
- Enables secure, compliant, and globally scalable payment solutions for merchants, financial institutions, and enterprises.

Leadership Perspective
Mr. T C Guruprasad, CEO & MD – Payments Business, EbixCash, called this approval a “landmark achievement”, underscoring the group’s strong regulatory credentials and compliance-led growth strategy.

About EbixCash
- India’s leading end-to-end digital financial services platform.
- Omni-channel presence with 650,000+ outlets across 4,000 cities and 75,000 villages.
- Operates across payments, remittances, foreign exchange, prepaid cards, travel, insurance, and fintech solutions.

This approval positions EbixCash World Money to play a pivotal role in global commerce and remittances, leveraging India’s growing financial ecosystem at GIFT IFSC.